Historic Four-Unit Guest
For Sale
$495,000
617 State Street, Alton, IL 62002
MULTI_FAMILY - Other - Alton, IL
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$115.12
Days on Market35
Property Features for 617 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bathroom 2, Basement, Bathroom 3
Parking features
On Street
Fencing
Privacy, Gate
Fireplace
1
Basement
Daylight, Full, Walk-Up Access, Partially Finished
Subdivision
Mulledys John Sub
Lot features
Corner Lot, Landscaped, Views
Elementary school
ALTON DIST 11
Middle school
ALTON DIST 11
High school
Alton
Elementary school district
Alton DIST 11
Middle school district
Alton DIST 11
High school district
Alton DIST 11
Standard status
Active
APN
23-2-07-11-18-303-025
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7255
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
hardwood floors
fireplaces
courtyard patio
gazebo
private entrance
brick patio
views of Alton Bridge
Building Details
Year built
1861
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 466-7100
Listed By:
Jenni Studebaker · License #471002302
(618) 975-6043
Added: Jul 7
Changed: Aug 5
Last Checked: Aug 10 at 1:06PM
MLS# 26037113
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 617 State Street in Alton, IL, this Civil War-era residence—commonly known as the Haagen Haus—was built in 1861 and constructed with brick. The home offers over 4,300 square feet of living space and is configured as four separate living units, each with its own kitchen and included appliances. Interior features include hardwood floors, soaring ceilings, and four fireplaces.
Heating is forced air and cooling is central air. The property includes a lower-level suite with a private entrance through a wrought-iron gated courtyard, along with lookout windows and a private brick patio, which can support in-law suite, guest quarters, or additional income-producing use. Outdoor space is enhanced by a brick-sided courtyard patio with an included gazebo, and the property sits on a prominent corner lot exceeding 9,000 square feet.
Utilities include public water and cable available. Parking is identified as on-street, and fencing includes privacy and gate features.
Heating is forced air and cooling is central air. The property includes a lower-level suite with a private entrance through a wrought-iron gated courtyard, along with lookout windows and a private brick patio, which can support in-law suite, guest quarters, or additional income-producing use. Outdoor space is enhanced by a brick-sided courtyard patio with an included gazebo, and the property sits on a prominent corner lot exceeding 9,000 square feet.
Utilities include public water and cable available. Parking is identified as on-street, and fencing includes privacy and gate features.
Key Highlights
- Built in 1861 with brick construction and over 4,300 square feet of living space
- Configured as four separate living units, each with its own kitchen and included appliances
- Four fireplaces plus hardwood floors and soaring ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,733
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,660
$594.7K
Cap Rate 7%
$424,757
$424.8K
Cap Rate 9%
$330,367
$330.4K
Market Conditions
NOI Build-Up for 4,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.8K $13.68/SF
− Vacancy
−$4.8K −$1.11/SF
EGI
$54.1K $12.57/SF
− OpEx
−$24.3K −$5.66/SF
NOI
$29.7K $6.91/SF
Area
Madison County, IL
Vacancy
8.10%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,660
Cap Rate 7%
$424,757
Cap Rate 9%
$330,367
Alternative Uses
Best Use
Apartment 5plus
$424.8K
$371.7K – $495.6K
NOI $29,733 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,044 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Built in 1861, this brick guest house is configured as four units with kitchens, central air, and fireplaces.
Where is this short term rental property located?
The property is located at 617 State Street Alton, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Built in 1861 with brick construction and over 4,300 square feet of living space; Configured as four separate living units, each with its own kitchen and included appliances; Four fireplaces plus hardwood floors and soaring ceilings
